Articles about correcting tax errors voluntarily, making disclosures to HMRC, and reducing potential penalties.
Making a voluntary disclosure to HMRC does not automatically result in the maximum penalty. In many cases, HMRC takes a more favourable view where taxpayers come forward before an issue is identified during a compliance check or investigation. The outcome will depend on the circumstances, the quality of the disclosure and the level of cooperation provided
If you have discovered that income was not declared to HMRC, it is usually better to address the issue before HMRC contacts you. A voluntary disclosure can often result in a more favourable outcome than waiting for HMRC to identify the omission. The correct approach will depend on the type of income involved, the affected tax years and your individual circumstances.
